This guide is written with MoneyWiz for Desktop in mind. Need one for Mobile? Click here!
PSD2/Open Banking laws open up great possibilities when it comes to downloading your Online Banking data automatically. Banks operating within the European Union are now required to make it possible for third-parties to access your banking information so you can decide how you wish to view it. In practice it means that we (MoneyWiz) have partnered with Salt Edge, one of the leaders in digital financial solutions, to make it possible for you to automatically download your bank information to MoneyWiz.
Connecting new accounts to Online Banking
Before you begin, please make sure that your SYNCbits e-mail account (the e-mail used as your SYNCbits login) is active, can receive e-mail and that you have access to it. It'll be important later. If you need to change your SYNCbits e-mail, please do it now. If you don't have a SYNCbits account yet, please create it now - it is required for using Online Banking.
Start by creating new banking account as usual and select Online Banking type. Search for your bank by its name and check if it includes words like "PSD2" or "Open Banking". If yes - it means that this bank is supported via the PSD2 protocol. If it does not include either of those, it means that it's not supported via the PSD2 protocol but via regular screen-scrapping. You can still connect to those banks but this guide focuses on the PSD2 connections.
Click on it and you'll be asked to provide consent to read-only access to your data. MoneyWiz connects to your banks using Salt Edge's technology and their gateway "SaltEdgePartner". So it's Salt Edge that actually connects to your bank and MoneyWiz receives data directly from Salt Edge. In order for all of this to work, you need to allow Salt Edge to connect to your bank. Scroll down to read all information before you click on the "Grant" button at the bottom. You'll then be asked to authenticate with your bank -- the exact process may vary but you might be required to enter the login and password, confirm with a one-time code or in your bank app. As you're doing this, you will receive an e-mail from Salt Edge about new Dashboard account created for you -- let's ignore it for now but please do not delete that e-mail.
Once you authenticate, Salt Edge will display all accounts it found in your bank login and ask you which accounts you wish to make available for data processing. Our recommendation is to enable all accounts but if there is an account that you are sure that you will never need for Online Banking sync, you can keep it disabled. Scroll down to the bottom of the list to proceed.
MoneyWiz will take over and display a list of accounts, asking you which ones you wish to import. It's important to note that MoneyWiz only "sees" the accounts you enabled in previous step so only those will be visible here. You don't need to add all accounts that you see but if you're using them regularly, we recommend that you add them all. Once you click Next, MoneyWiz will start pulling the transaction data from SaltEdgePartner gateway.
Important! You might be happy that your accounts are working now but there is one more step that will take no more than 2 minutes. Please continue reading to activate your Salt Edge Dashboard account -- you don't need it right now but you might need it later.
What about that Salt Edge Dashboard account?
Let's get back to that e-mail you've received. Your SYNCbits account e-mail was used to create a dashboard account for you where you can manage which banks and institutions Salt Edge (and therefore MoneyWiz) can access. If at any time you'd like to stop Salt Edge (and MoneyWiz) from accessing your bank information, all you need to do is to sign in to that dashboard account and revoke your data processing consents there. Since the consents you give have a expiry date by default, that's also the place where you'll need to go if your consent expires and you wish to prolong it.
Your Salt Edge dashboard account does not have any password yet though -- let's create one now. Access the e-mail you've received and click on blue "Reset password" button -- if you cannot see it, please check the inbox and spam folders of your SYNCbits e-mail address. You need to reset your password within 6 hours of receiving the e-mail (if that time has already passed, you should reset your password once more by clicking here). On the website that opens you'll be asked for your credentials. Once you set your password you can sign in to Salt Edge dashboard if you wish -- there are no actions that you need to take there at this time but please keep those credentials safe as you might need them later.